AIICO Insurance Plc has made a significant financial move by acquiring a 5% stake in InfraCredit, thereby becoming the second private domestic institutional investor in the institution after Leadway Assurance Plc. This development was disclosed in a press release, marking a pivotal moment for both companies.
The investment by AIICO amounts to 5% of InfraCredit’s share capital, a move that has substantially bolstered InfraCredit’s financial position. The strategic investment has propelled InfraCredit’s paid-in capital base to a substantial $175.14 million (N148.55 billion), resulting in an extraordinary credit guarantee capacity of $875.7 million (N742.77 billion).
Babatunde Fajemirokun, the CEO of AIICO Insurance, emphasized the company’s prior engagement with InfraCredit, stating, “Over the last two years, AIICO Insurance has invested in InfraCredit guaranteed bonds and participated in novel financing arrangements promoted by the company to bring infrastructure investment to areas that have been significantly underserved.”
This investment signifies AIICO’s commitment to driving infrastructure development and expanding its investment portfolio. It also reflects confidence in InfraCredit’s vision and operational capabilities. With this significant acquisition, both AIICO Insurance and InfraCredit are poised to make substantial strides in the realm of infrastructure finance and development.
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